Kennedy-Wilson Announces Stock OfferingMonday, November 7, 2011
Kennedy-Wilson Holdings announced on Monday a secondary offering of 6 million shares of stock.
The Beverly Hills real estate company said in a statement that proceeds will repay borrowings under a revolving credit facility and be used for general corporate purposes, including future acquisitions and co-investments.
The company did not say how much revenue it expected the offering to generate, but if the shares were priced near Monday’s closing price, the offering could gross close to $72 million.
Kennedy-Wilson has made major acquisitions locally and in Europe this year. The company participated with other investors to buy a $1.8 billion commercial real estate loan portfolio from the Bank of Ireland. Last month, the company purchased three Los Angeles office buildings for $111 million.
Separately, the company reported a third quarter loss of $6.9 million (-16 cents a share), compared to a loss of $6.7 million (-17 cents) for the same quarter a year earlier. Wall Street analysts on average had expected a loss of 5 cents, according to Bloomberg News.
The announcements were made after markets closed on Monday. Earlier, share closed at $11.94, or down less than 1 percent, on the New York Stock Exchange.